As a business owner or tax professional, it’s crucial to stay updated on important tax deadlines to ensure timely compliance and avoid penalties. In this blog post, we’ll go over key tax obligations for C-Corporations and other relevant tax filings due in April. Whether you’re filing taxes, making estimated payments, or handling payroll taxes, this guide will provide a clear overview of your responsibilities.
1. C-Corporations: Filing Income Tax Returns (Form 1120)
For C-Corporations, April 15 is an essential date as it marks the deadline for filing the 2024 calendar year income tax return. You must submit Form 1120, U.S. Corporation Income Tax Return, and pay any tax due. Failing to meet this deadline could lead to late filing penalties, so it’s important to file your return promptly.
Need More Time?
If you’re unable to file by April 15, you can request an automatic 6-month extension by submitting Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. However, while the extension grants extra time to file, it does not extend the payment deadline. Be sure to estimate your tax liability and make any required payment by the original due date to avoid late payment penalties.
Estimated Tax Payments
For businesses that expect a tax liability, it’s important to plan ahead for estimated tax payments. This ensures that you don’t face large tax bills at the end of the year. The first installment of 2025 estimated taxes for C-Corporations is also due on April 15, so don’t miss it!
2. Social Security, Medicare, and Withheld Income Taxes
For employers, April 15 is the deadline to deposit Social Security, Medicare, and income taxes that were withheld from employees’ wages in March. If your business is subject to the monthly deposit rule, it’s crucial to ensure that your tax deposits are made in full and on time.
Failing to deposit the withheld taxes timely could result in penalties, so make sure the payment is submitted by the deadline.
3. Non-Payroll Withholding Tax
Similar to payroll taxes, if your business has non-payroll withholding obligations (such as taxes withheld from payments to contractors), you must deposit the tax for March by April 15. This applies if the monthly deposit rule applies to your business. Keep track of these deadlines to avoid any surprises.
4. Fiduciary Returns: Form 1041
April 15 is also the final day for filing fiduciary returns for the 2024 calendar year. Form 1041, U.S. Income Tax Return of Estates and Trusts, must be filed by this date for estates and trusts that operate on a calendar year. If you need additional time to file, don’t forget to request an extension before this deadline.
5. Federal Unemployment Tax (FUTA)
Employers are also responsible for paying Federal Unemployment Tax (FUTA), which funds unemployment compensation for workers. If your business owes more than $500 in FUTA tax for the first quarter of the year, you must deposit this tax by April 15.
For businesses with lower liabilities, make sure to check if you’re required to deposit by the due date or if payment can be made with a timely filed return.
6. Social Security, Medicare, and Withheld Income Tax – First Quarter Filing (Form 941)
The first quarter of 2025 has passed, and businesses need to file Form 941, Employer’s Quarterly Federal Tax Return, by April 30. This form reports Social Security, Medicare, and income tax withholdings from employees’ wages for the first quarter.
If you’ve already made timely deposits for these taxes, you have until May 12 to file Form 941 without facing penalties. However, if you haven’t made the deposits, be sure to do so before filing to avoid interest or penalties.
7. Key Filing Extensions: Weekends & Holidays
If the due date for any of the above filings falls on a weekend or legal holiday, the deadline is automatically extended to the next business day that is not a legal holiday. For instance, if a tax deadline lands on a Saturday or Sunday, businesses get an extra couple of days to file without incurring penalties.
8. Disaster Area Filing Extensions
If your business is located in a disaster area, you may be eligible for extended filing deadlines. In the event of a natural disaster, the IRS may offer relief by extending tax deadlines for affected businesses. To check if your area has been designated as a disaster area and to learn more about filing extensions, visit the following resources:
Conclusion: Stay Ahead of Your Tax Deadlines
Staying on top of your tax responsibilities as a business owner is vital to avoiding penalties and ensuring your business runs smoothly. Whether you’re filing income tax returns for your C-Corporation, making payroll tax deposits, or handling estimated tax payments, understanding the deadlines and procedures will help you stay compliant with federal tax requirements.
Remember, if you need extra time to file, always file for an extension ahead of the deadline to avoid penalties. Also, don’t forget about other critical dates like April 30 for Form 941 filings and FUTA tax deposits.
By staying organized and planning ahead, you can ensure your business remains in good standing with the IRS and avoid any unnecessary stress during tax season.
For further assistance with your tax filings or to ensure your business complies with all necessary deadlines, contact a tax professional.
